441 Citadel report

Post on 16-Feb-2017

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Transcript of 441 Citadel report

Cyrus Andersonandersct

Products

lInvestment fundslOrder routinglMarket making

Financials

l14% of U.S. volume in equities, 30% retaill20% U.S. equity-options volumel773m annual revenuel25b in assets managed

History

lKen Griffin in his dorm at HarvardlStarted with 4.6ml2008 crisis and present-day

What's hot?

lHigher returns than competitorslTrading in ChinalInternational interest rate swaps market

The secret stuff?

l Dinners with insiders

Culture at Citadel

lHedge funds vs bankslWhat recruiters saylTen percent rule

Competition

lLarge investment funds

lMarket makers

lLarge banks and other buy-side guys

Up or down?

lRegulations on Wall StlPosition in the industrylBlack swan events

= up